Taxable Event for warehoused goods:
It is the time when goods are cleared from Customs bonded Warehouse, by submitting a sub-bill of entry. As per section 15(1) (b ) of the customs act ,1962 ,when goods have been deposited in to a Warehouse ,and they are removed there from home consumption ,the relevant date for determination of duty rate is the date of presentation of ex-bond bill of entry (i.e. sub-bill of entry ) for home consumption.